You’ve undoubtedly heard about how difficult it is to thrive as an entrepreneur. While there are numerous factors that contribute to success and failure, one of the most important ones is the effectiveness of your marketing. There are quite a few myths swirling around that new business owners should be aware of — and avoid. Here are several of the most obvious ones.
1. Overspending To Get Ahead
Getting into major debt will cripple you down the road. If you’ve got negative cash flow when you start your journey as an entrepreneur, make your startup a side hustle and find a way to make your financial situation more stable before you find yourself in a hole you can’t climb out of. It’s important to keep your credit score as high as possible to attract future lenders and investors, so be astute about the risks you take. Consider the long-term consequences.
2. Trying To Be Everywhere
One of the biggest mistakes that entrepreneurs make is trying to be everywhere at once, both online and IRL — even in places where their presence doesn’t make a lot of sense. Baby Boomers on Snapchat, anyone trying to do a YouTube Live every day, and don’t forget Pinterest, no matter who you are! Slow down. Trying to develop a presence on every social media platform and broadcasting live everywhere is a recipe for exhaustion. Don’t focus on how much energy and time you’re putting out without taking a good look at profit, measurement, and return on investment.
3. Focusing On Shiny Objects
If you find yourself constantly renting clothing, vehicles, and hanging out at restaurants you can’t afford in order to look good on social media, think again. If you’re focused on image and influence at the expense of the quality of your actual products and services, there’s something wrong. There’s a misalignment in terms of your actual assets and what you’re trying to portray as a new entrepreneur. It’s not authentic, and not sustainable. Reject any strategy, idea, or initiative that requires you to constantly spend more money in order to make money.
4. Taking Shortcuts
This is sort of a summation of the previous three points. When you’re an entrepreneur, focus is extraordinarily important. It’s crucial that you not get sidetracked from the real, rewarding work of starting a company.
It’s crucial to be wise and astute when starting a business. Keep these points in mind as you make decisions.